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Kyrgyzstan's Nominal Exchange Rate Weakens, Real Exchange Rate Strengthens in 2023

in Economy / Kyrgyzstan - by


According to the National Bank's monetary policy report, the nominal effective exchange rate index of the som decreased by 1.3% since the beginning of 2023. This decline is attributed to the som depreciating against the euro by 7.7%, the Kazakh tenge by 6.2%, the US dollar by 4.6%, and the Chinese yuan by 2.8%.

Conversely, the som strengthened against the Turkish lira by 48.8%, the Russian ruble by 31.5%, and the Japanese yen by 2.1%. This shift in exchange rates indicates a complex interplay of economic factors influencing Kyrgyzstan's currency performance.